Financial Planning – Page 2 – Dollars and Sense

Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

By Dollar$ and $ense | January 10, 2024

The Secure Act 2.0 is ever-evolving and has brought up some important questions recently, so let’s go over them!

Laurie Kaplan, CPA, partner at Michael Silver, joins Nicole for her second time on the show to continue their discussion about the Secure Act 2.0. Laurie goes over what has been finalized in the act for 2023 and looks ahead to 2024 and 2025. She clears up confusion around various topics including the Required Minimum Distributions when inheriting an IRA, changes in retirement plans, the rules and implications of annuities and IRAs, and the importance of tax planning. Laurie also discusses the new Roth IRA rollover option, the penalty reduction for missed RMDs, and the benefits of having both Roth and traditional IRAs.

Laurie discusses:

The Secure Act 2.0 provisions and potential impact on retirement plans
What has been finalized in the act for 2023 and what we can anticipate for 2024 and 2025
Changes to required minimum distributions, Roth IRA rollover option for 529 plans, and penalty reduction for missed RMDs
Explanation of annuities and IRAs, including single life expectancy and joint annuity options
Designation of beneficiaries for retirement plans and consequences of not having one or if the designated beneficiary is deceased or not updated
Premiums and surcharges associated with Medicare based on adjusted gross income (AGI)
And more

Resources:

Highlighting The Key Changes In Secure Act 2.0 With Laurie Kaplan (Ep. 16)

Connect with Nicole Romito:

Connect with Laurie Kaplan:

About Our Guest:

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups.

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2025 Market Projections with Jeremy Bell (Ep.58)

By Dollar$ and $ense | January 1, 2024

How did the markets dance through 2024, and what’s on the horizon for 2025?

Nicole Romito and Jeremy Bell, Chief Investment Officer at Conway Investment Research, reflect on the financial landscape of 2024. They discuss the performance of U.S. equity markets, the volatility in fixed income, and the outlook for 2025. They emphasize the importance of a strategic investment plan, diversification, and staying invested for the long term despite market fluctuations.

Nicole and Jeremy discuss:

U.S. Equity Market Overview: A year of strong performance amid global noise
Insights into the Fixed Income Market: Navigating interest rate volatility
2025 Projections: Opportunities in U.S. equities and asset class rankings
Investing Strategies: Timing the market and risk management
And more

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Connect with Jeremy Bell:

About Our Guest:

Jeremy is a Principal and Chief Investment Officer for Conway Investment Research, LLC. He joined the firm in 2011 and chairs Conway’s Investment Committee which establishes the firm investment philosophy and process and ultimately oversees the implementation of recommendations made to clients. In addition to leading Conway’s research effort, Jeremy’s primary responsibilities include capital markets research, asset allocation modeling, alternative investment manager due diligence, and management of key client relationships.

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Year-End Financial Planning With Jim Weil (Ep. 31)

By Dollar$ and $ense | November 8, 2023

How can you optimize your year-end financial planning?

With the end of the year nearing, it’s a good idea to review our financial plans and look at what we have set up for the long-term.

In this episode of Dollar$ and $ense, Jim Weil CFP®, CIMA®, managing partner at Private Vista, joins Nicole Romito to talk about year-end planning strategies. They discuss managing income and taxes, including accelerating or deferring income based on tax brackets, bunching deductions, and timing bonuses for business owners. Nicole and Jim also touch on funding retirement plans and leveraging tax brackets through family member payroll additions while exploring the importance of proactive planning and consulting with financial advisors and CPAs to navigate changing tax laws.

Nicole and Jim discuss:

Year-end planning strategies for managing income and taxes
Flexibility in income and compensation plans for business owners and executives
Tax loss harvesting and timing considerations
The benefits and drawbacks of interest rate increases
Reviewing estimated tax payments and maximizing deductions
And more

Resources:

How Can Donor Advised Funds Be Used for Estate Planning? with Sean Julian (Ep. 27)

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Connect with Jim Weil:

About our Guest:

Jim Weil is a seasoned financial planning professional with over 30 years of dedicated expertise in the field. His career began in the late eighties after graduating with a financial planning degree from Purdue University. Jim’s commitment to excellence is demonstrated through his possession of the prestigious CFP (Certified Financial Planner) and CIMA (Certified Investment Management Analyst) designations. Jim’s professional journey has been marked by his passion for client success, and he has undertaken the role of managing partner for Private Vista for the past five years. Beyond his client-focused responsibilities, Jim’s influence extends to the board of directors of Hightower Advisors, Private Vista’s parent company. His exceptional leadership and financial acumen have made him an invaluable asset to the industry and a respected colleague for nearly two decades.

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Love’s Detour: Navigating Divorce With Beth McCormack and Jason Sposeep (Ep. 28)

By Dollar$ and $ense | September 27, 2023

What are the best alternatives to litigation in divorce? Let’s ask family law attorneys.

In this episode, Nicole Romito welcomes family law attorneys Beth McCormack and Jason Sposeep to talk about the different options that are available when considering divorce. They emphasize the importance of educating the public about alternative dispute resolution processes such as mediation and collaborative divorce, which focus on problem-solving and preserving relationships. Beth and Jason highlight the benefits of collaborative divorce, including the involvement of a full team of professionals, and stress the importance of finding the right professionals for the process. They also share their advice on how to approach the topic of collaborative divorce with a spouse and encourage listeners to do their research before making any decisions on who to work with.

Nicole, Beth and Jason discuss:

What they wish the public knew more about when considering getting a divorce
What alternative dispute resolution processes are and their benefits
The importance of having a full team in the divorce process
Some examples of alternative dispute resolutions giving individuals more control
The key differences between collaborative divorce and mediation
Why discernment counseling is important to attend before deciding to divorce
How to find the right professionals for collaborative divorce or mediation
And more

Resources:

The War of the Roses

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Connect with Beth McCormack:

Connect with Jason Sposeep:

About our Guests:

Beth McCormick practices exclusively in family law matters for high net worth families, and she is experiencing complex litigation, mediation, and collaborative law. She is an equity partner at Bierman, which is located here in Chicago, Illinois. She has been repeatedly nominated by her peers as a leading lawyer and best lawyer, as well as top 50 women’s super lawyer and top 100 super lawyers. Her focus on compassion and empathy led Crane’s Chicago media to name her most influential women lawyer.

Jason Sposeep is an equity partner at Schiller, DeCanto, and Fleck, headquartered in the Chicagoland area. He authoritatively advocates for high net worth professionals. and their spouses who want fair and equitable results. Jason’s extensive background in business and finance as well as his compassion and understanding enables him to sensibly resolve complicated divorce and custody disputes both in and out of the courtroom. Jason strenuously believes in putting the children first in every divorce situation. And he too has been repeatedly nominated and named to, the top super lawyer lists and super lawyer lists as well.

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Becoming a Financial Advisor with Mahogany Person (Ep. 26)

By Dollar$ and $ense | August 30, 2023

Sometimes, the path to a fulfilling career is far from straightforward.

In today’s episode, Nicole Romito from Private Vista dives into the career journey of Mahogany Person, an emerging talent in the field of financial advising. Mahogany began her professional life as a math teacher but transitioned into financial planning after personal experiences opened her eyes to the generational gaps in financial education.

Throughout the episode, Nicole and Mahogany discuss:

How the ‘aha moments’ keep Mahogany passionate about education
Key strategies Mahogany employs to help both students and clients achieve their own ‘aha moments’
The art of productive struggle in career and life transitions
Navigating career changes and the power of asking the right questions
The rewards and challenges of career transitions, and why persistence and continual learning are vital
And more!

Resources:

Connect with Nicole Romito:

Connect with Mahogany Person:

LinkedIn: Mahogany Person

About our Guest:

Mahogany Person bridges the worlds of education and finance. Originally a math teacher in her hometown of Dayton, Ohio, she transitioned to financial advising after pursuing an MBA in Finance. Now close to becoming a Certified Financial Planner (CFP), Mahogany has combined her love for teaching with her passion for personal finance. Her unique background allows her to simplify complex financial matters for her clients, proving that career detours can lead to unexpected, but fulfilling, destinations.

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Annuities 101 with Steve Merdinger (Ep. 24)

By Dollar$ and $ense | July 26, 2023

Purchasing annuities can be confusing, and on top of that, they’re often an emotional decision.

In this episode, Nicole Romito breaks down annuities with Steve Merdinger, ChFC®, CFP®, Partner at Private Vista. They give an overview of points to consider and things to be aware of before purchasing them.

Steve discusses:

What fixed and variable annuities are
The importance of understanding what you’re buying
The general prices of different annuities you can anticipate
The pros and cons of annuitization and what the exclusion ratio is
Why purchasing an annuity tends to be an emotional decision
How annuity contracts are structured
And more

Connect with Nicole Romito:

Connect with Steve Merdinger:

About our Guest:

Steve Merdinger is a Partner and experienced Certified Financial Planner (CFP®) and Chartered Financial Consultant (CHFC®). With over three decades in financial planning, he helps individuals and families achieve their goals. Having worked in his family’s business, Steve has valuable insights into family-owned enterprises and succession planning. He holds a Bachelor of Business Administration from the University of Kansas and actively mentors students in the University of KU Business School program. Steve is involved in the Chicago Board of the Positive Coaching Alliance and aspires to become a trainer with the organization. He is a member of the Union League Chicago and the Valley Lo Club.

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Medicare Made Clear With Carly Rosswurm (Ep. 20)

By Dollar$ and $ense | May 24, 2023

Let’s face it, Medicare plans are an alphabet soup. Let’s simplify them together.

In this episode, Nicole talks to Carly Rosswurm, the director of Medicare Solutions at Ash Brokerage, to clear the air about Medicare. With 17 years of experience in Medicare, Carly gives us an overview of the Medicare program and the different types of available plans, and a breakdown of the highest and lowest premiums of 2023. She also explains how you can determine if Medicare is the right insurance option for you when you should start planning to apply for Medicare, how the annual enrollment periods work, and a lot more!

Carly discusses:

An overview of the Medicare program and the different types of plans
When you should start doing your research and speak to a healthcare broker
What she considers when determining if someone should stay with their employer’s insurance plan
A breakdown of the lowest and highest Medicare premiums in 2023
The circumstances when IRMAA charges can be appealed and what the process is like
How the annual enrollment periods work
And more

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Connect with Carly Rosswurm:

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Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. #10)

By Dollar$ and $ense | December 28, 2022

After a year of market ups and downs, investors are looking for an opportunity to pull ahead in the new year. How can they start off 2023 on the right foot?

Welcome back to another episode of Dollar$ and $ense! In this episode, Nicole Romito speaks with Bob Westrick, Partner at Private Vista, on how market volatility has impacted investors in 2022 and where they should focus their attention into the New Year. Bob shares key takeaways from this past year and how those experiences will change investment strategies moving forward.

Bob discusses:

The difference in opportune environments between stocks and bonds and why neither has been safe in the 2022 market
How tax loss harvesting can create returns from capital loss in investments
What is the current view of 2023 and possibly 2024 of advisors and economists
What can be controlled during market volatility and where advisors should focus their attention
And more

Connect with Nicole Romito:

Connect with Bob Westrick:

About our Guest:

In 1983, Bob Westrick left a “Big Eight” public accounting firm to work for one of his audit clients. Eight years later, his entrepreneurial itch was scratched as he started a partnership in the financial services industry. Two years later, Bob co-founded WNA Wealth Advisors, one of the precursor firms to Private Vista. He is a frequent speaker and he is often interviewed on subjects ranging from economic conditions to wealth management. His experience as an accountant, business owner and financial advisor gives Bob a unique perspective to offer his clients.

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Starting a Family Dialogue Around Getting Older With Debbie Feldman (Ep. 8)

By Dollar$ and $ense | November 23, 2022

Estate planning is hard for many, but it doesn’t have to be.

Let’s talk about how to have those tough conversations with family and make the process easier.

In this episode, Nicole talks about estate planning with Debbie Feldman, the founder of Debra D. Feldman and Associates, Ltd. Debbie is a licensed and insured clinical social worker and works as an Aging Life Care Manager. She shares her professional experiences along with personal experiences as it relates to having and initiating sensitive conversations with loved ones about their well-being and estate planning.

Nicole and Debbie discuss:

Who should initiate conversations about estate planning
How to approach sensitive conversations about estate planning and well-being with aging family members
What signs to look for that indicate your loved ones may need additional assistance, and how to open the conversation to offer them assistance
How to balance taking care of parents while remaining in the child in the child role
And more

Connect with Nicole Romito:

Connect with Debbie Feldman:

About our Guest:

Debbie Feldman is the owner and founder of Debra D. Feldman and Associates, Ltd. She is a licensed and insured clinical social worker. Debbie received her Master of Social Work from the University of Michigan in December 1984, and her B.A. in Psychology and Sociology from Washington University in St. Louis in May 1983. Trained as a social worker, Debra began her career as an Aging Life Care™ Manager in 1988, and in 1991, she established her own company, Debra D. Feldman & Associates, Ltd.

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